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January 8, 2009

Vivaldi Biosciences Signs On $23 Million In Series A Venture Funding

New York based Vivaldi Biosciences, Inc. is a company that creates and develops vaccines against influenza and has signed an agreement for $23 million in Series A funding. The funding is to come from Bay City Capital LLC and NGN Capital LLC, who are co-leading this financing together with New York City Investment and Alexandria Real Estate Equities, Inc. participating. Vivaldi has been making progress in developing seasonal and pandemic influenza pandemic vaccines by attenuating the NS1 influenza gene. NS1 is the primary virulent factor of the influenza virus. The company�s intellectual property includes domestic and international rights to over 25 different patents related to vaccines with modifications of the NS1 gene. The company is currently developing novel vaccines which could have potential in preventing influenza pandemics. These vaccines are being developed through the research done by Peter Palese, Ph.D. and Aldolfo Garcia-Sastri, Ph.D. of Mt. Sinai Hospital School of Medicine.

Influenza is a seasonal disease that occurs worldwide. It is estimated that over 500,000 people die from the virus, with an overwhelming majority being elderly. The development of vaccines and anti-viral treatments for both seasonal and pandemic influenza outbreaks has been a high priority for the pharmaceutical industry, but the current influenza vaccines have noteworthy shortcomings. Most of the vaccines produced today rely on time consuming and unreliable technologies for strain development and vaccine production. Further more, the influenza virus has a tendency to mutate, therefore a new vaccine needs to be developed for each season.

According to William Gerber, MD, investment partner with Bay City Capital and member of Vivaldi�s board of directors, the foundation and financing of Vivaldi is a culmination of an extensive search by Bay City Capital to find opportunities in the infectious disease industry and developing novel vaccines along with therapeutic modalities that have great commercial potential. Further more, Peter Johann, Ph.D., partner with NGN Capital and member of Vivaldi�s board of directors states that Vivaldi�s intellectual property and strong management team presents an opportunity for investors. For this reason, NGN Capital made this rare investment for a startup.

Bay City Capital LLC was established in 1997 and mainly focuses its funding on companies in the life sciences industry. Bay City Capital manages six venture funds that consolidate to $1.5 billion dollars invested in over 65 different companies. The vc firm invests in a broad spectrum of the life science industry and invests in companies in all stages of development. Bay City Capital has many years in venture investing and their team has created a systematic process of thoughtful selection of the companies they invest in.

NGN Capital is a vc firm dedicated to healthcare investing. The vc firm is compiled of a professional team and advisors that years of experience in healthcare management and investment. NGN Capital invests in revolutionary healthcare companies worldwide.